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Author: David Fokke Ihno Folkerts-Landau Publisher: Cambridge University Press ISBN: 9780521230674 Category : Business & Economics Languages : en Pages : 192
Book Description
This study attempts to provide modern macroeconomic analysis with a foundation in macroeconomic and general equilibrium theory.
Author: David Fokke Ihno Folkerts-Landau Publisher: Cambridge University Press ISBN: 9780521230674 Category : Business & Economics Languages : en Pages : 192
Book Description
This study attempts to provide modern macroeconomic analysis with a foundation in macroeconomic and general equilibrium theory.
Author: N. Gregory Mankiw Publisher: ISBN: Category : Consumption (Economics) Languages : en Pages : 70
Book Description
Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraint. In this paper, we estimate an explicit model :f this type. In particular, we assume that the observed fluctuations correspond to the decisions of an optimizing representative individual. This individual has a stable utility function which is additively separable over time but not necessarily additively separable in consumption and leisure. We estimate three first order conditions which represent three margins on which the individual is optimizing. He can trade off present consumption for future consumption, present leisure for future leisure and present consumption for present leisure. Our results show that the aggregate U.S. data are extremely reluctant to be characterized by a model of this type. Not only are the overidentifying restrictions statistically rejected but, in addition, the estimated utility function is often not concave. Even when it is concave the estimates imply that either consumption or leisure is an inferior good.
Author: N. Gregory Mankiw Publisher: ISBN: 9781332266111 Category : Business & Economics Languages : en Pages : 72
Book Description
Excerpt from Intertemporal Substitution in Macroeconomics Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraint. In this paper, we estimate an explicit model of this type. In particular, we assume that the observed fluctuations correspond to the decisions of an optimizing representative individual. This individual has a stable utility function which is additively separable over time but not necessarily additively separable in consumption and leisure. We estimate three first order conditions which represent three margins on which the individual is optimizing. He can trade off present consumption for future consumption, present leisure for future leisure and present consumption for present leisure. Our results show that the aggregate U.S. data are extremely reluctant to be characterized by a model of this type. Not only are the overidentifying restrictions statistically rejected but, In addition, the estimated utility function is often not concave. Even when it is concave the estimates imply that either consumption or leisure is an inferior good. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Stephen J. Turnovsky Publisher: MIT Press ISBN: 9780262201230 Category : Business & Economics Languages : en Pages : 698
Book Description
Just as macroeconomic models describe the overall economy within a changing, or dynamic, framework, the models themselves change over time. In this text Stephen J. Turnovsky reviews in depth several early models as well as a representation of more recent models. They include traditional (backward-looking) models, linear rational expectations (future-looking) models, intertemporal optimization models, endogenous growth models, and continuous time stochastic models. The author uses examples from both closed and open economies. Whereas others commonly introduce models in a closed context, tacking on a brief discussion of the model in an open economy, Turnovsky integrates the two perspectives throughout to reflect the increasingly international outlook of the field. This new edition has been extensively revised. It contains a new chapter on optimal monetary and fiscal policy, and the coverage of growth theory has been expanded substantially. The range of growth models considered has been extended, with particular attention devoted to transitional dynamics and nonscale growth. The book includes cutting-edge research and unpublished data, including much of the author's own work.
Author: Lawrence H. Summers Publisher: ISBN: Category : Languages : en Pages :
Book Description
Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraint. In this paper, we estimate an explicit model :f this type. In particular, we assume that the observed fluctuations correspond to the decisions of an optimizing representative individual. This individual has a stable utility function which is additively separable over time but not necessarily additively separable in consumption and leisure. We estimate three first order conditions which represent three margins on which the individual is optimizing. He can trade off present consumption for future consumption, present leisure for future leisure and present consumption for present leisure. Our results show that the aggregate U.S. data are extremely reluctant to be characterized by a model of this type. Not only are the overidentifying restrictions statistically rejected but, in addition, the estimated utility function is often not concave. Even when it is concave the estimates imply that either consumption or leisure is an inferior good
Author: T K. Das Publisher: Bloomsbury Publishing USA ISBN: 0313389489 Category : Business & Economics Languages : en Pages : 360
Book Description
This is the first comprehensive bibliography of temporal scholarship-research on the subject of time and the phenomenon of time itself. As the author notes in his introduction, the nature of research insights on the subject of time is difficult to comprehend within the confines of any specific discipline since relevant materials are scattered throughout the literature in numerous scholarly fields. By bringing together the most significant published works in a wide variety of disciplines, this unique compendium enables scholars and researchers to look beyond their own particular area of expertise when selecting appropriate resource materials. Throughout, the focus is on the time dimension itself as a problematic or researchable phenomenon rather than on narrow topics such as time management, time series analysis, or forecasting. Organized by discipline, the work begins with an initial chapter that lists general works on the time dimension. Nineteen chapters then list works in particular disciplines ranging from anthropology and culture to biology, economics, futures studies, history, linguistics, management studies, psychology, and more. The final chapter lists miscellaneous entries which could not be categorized into any of the specific disciplinary headings. Within each chapter, entries are arranged alphabetically by author or editor. Nearly all sources are from scholarly journals and books.
Author: David Fokke Ihno Folkerts-Landau
Author: David Fokke Ihno Folkerts-Landau
Author: 
Author: John Fender
Author: N. Gregory Mankiw
Author: N. Gregory Mankiw
Author: Costas Azariadis
Author: Stephen J. Turnovsky
Author: Andrew J. Hughes Hallett
Author: Lawrence H. Summers
Author: T K. Das